The prices of a single-family home reached historic highs in May. The median price (the figure at which half of the homes sold for more and half sold for less) rose 2.4 percent to $249,993 and the average price climbed 5.8 percent to $323,023. The last pricing highs were reached almost a year ago, in June 2018.
May sales of all property types totaled 9,948, up 3.1 percent compared to the same month last year. Total dollar volume for the month jumped 7.8 percent to slightly more than $3 billion.
“We are seeing signs of a healthy and sustainable housing market throughout greater Houston, and that is due to a more plentiful supply of homes, continued low interest rates and a strong local economy,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “In addition to solid home sales, consumers are still snapping up rental properties, and that is also driving the local housing market.”